Vikas Rikhye, Real Estate Blogger

The commercial property in Gurgaon, under present market conditions, is expected, if not on downward trend, then surely, it has to undergo slow and a static phase, for next few years. The investors in rat race to earn quick money, got swayed away by enthusiastic builders and promoters who had been responsible of developing commercial real estate in most unplanned manner.

In absence of “Real estate Regulatory Authority”, neither any survey has been conducted to determine the demand and supply ratio, nor the planned methods have been adopted to ensure the safety of the investor. The builder and promoters continue to develop commercial property with their ultra motives ignoring the responsibility of social justice, as a result several commercial properties in Gurgaon are giving a deserted look.

The commercial property can broadly be categorized as following:

• Commercial office space
• IT Business Parks
• Shopping Malls
• Shopping complexes open court yard style

About a decade and a half back there had been a great demand commercial office space in Gurgaon and Noida, as Delhi was unable to meet with rapid growing demand of MNCs, who had then just started moving to India for their operations for Indian as well as for the other Asian markets, as some of the MNCs opted Gurgaon for their regional headquarters, which had the advantage of close proximity to International Airport. With fresh demand the requirements were huge as several MNCs required large floor plates as a result, the companies like DLF & Unitech swung into action, as these professional companies had the ability and resources to deliver the results in a time bound schedule. Over a period of time the companies started settling and the demand gained stability. But having seen the success rate of DLF and Unitech, suddenly, there was a awakening call for new player in the field, who also attracted the investor and had their share of prosperity as well. While the demand was settling down, the enthusiasm of the investor and builder continued, resulting into several lacs of commercial office space lying vacant on prime locations like Golf course Road, Sohana Road and other prominent areas of Gurgaon.

IT industry offered new era of opportunities starting with Call centers BPOs, KPOs, setting a new avenues of employment opportunities. At that time Gurgaon was a good destination for IT MNCs because of cheaper office space and manpower. Suddenly Gurgaon witnessed the mushrooming of call centers. It is understood, foreseeing the massive demand the builder approached the authorities to approve more of FSI/FAR (more of coverage) for IT Building and after getting such approval again swung into action resulting into worst fate compared to commercial property as over a million of IT Space is lying vacant on NH-8, Udhyog Vihar, Sohna Road etc.

In as early as 2002-2003 Shopping Mall was a thrilling concept for residents of Gurgaon as well as Delhites as Gurgaon was pioneer in starting Shopping Malls. Loads of people would visit these malls to experience and share the unique experience of shopping world class brands, Food courts and PVRs. As soon Shopping Malls were commissioned in Delhi (Vasant Kunj-Saket-West Delhi), the foot-fall from Delhi visitor reduced and with availability of Metro residents of Gurgaon had an comfortable option of visiting Saket Malls. The Gurgaon-Mall fever was reducing amongst the visitors but it did not deter the enthusiasm of investors and builder as in the case as stated above Commercial and IT Space, and has met the similar fate as most Shopping malls on Sohna Road are giving deserted look, A well known developer has not been able to commission its malls on NH-8 and Golf course road. Even on prominent location of MG Road, while, one project seems to be abandoned while other two projects seems to be creeping towards its commissioning.

Besides Shopping malls there has been quite a noticeable growth of shopping complexes through out Gurgaon, Besides shopping areas as provided in HUDA Sectors , South City, DLF City and Sushant lok, it is understood that present estimated growth is over 2500 shops in the areas of Mayfield, Nirwana Country, South City-2, Malibu Town and Sohna Road, whereas, most of them are giving deserted look.

Seeing the gloomy picture of Commercial Real estate scenario it is suggested more thoughtful efforts should be made by all concerned for a balanced and purposeful growth and development.

Vikas Rikhye, Real Estate Blogger

• Land : Ownership proof of builder
• Project Approval with valid License.
• Approved & sanctioned construction plans
• Past performance of the builder.{ reference of projects delivered in the past}
• Financial Status of the builder { Account Balance sheets for at least last 2 years}
• NOC of dues from Government authorities .
• Banks financing “Home Loan”

Usually , financial institutions like good banks, check the credibility of the builder at their end, but sometimes few important facts are ignored, for the reason better known to all concerned. It is therefore, suggested that the prospective investor should find the fact at his own level by exercising the tool of RTI {Right to information}

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Also read the related article: check the facts before you invest

Vikas Rikhye, Real Estate Blogger

As it is apparent to all that the Residential segment of real estate in Gurgaon has shown a tremendous growth in past few months .Earlier, most of the project were being promoted & dominated by companies like DLF, Unitech & Ansals, leaving hardly any scope of improvement , in terms of quality of construction and amenities , matching international standards.

Strategic location of Gurgaon on NH-8,close proximity to IGI Airport ,supported by the inflow of MNCs and Corporate word, it became a favorite destination for FDI &International players in the field of real- estate.

In the process, “Extended Golf Course Road” in Gurgaon” found a niche to be a prestigious address as companies like Emaar MGF, Ireo, Pioneer offered integrated townships. Competing with each other, “each one” ,with meticulous and innovated planning, offered wide range of apartment matching a lavish life style. Thus , the “Extended Golf Course Road”became “1st Choice” of NRIs & Corporate world.

Since these carefully planned townships have aimed a balanced growth of infrastructure, therefore, the development will offer the residents, “Extended Golf Course Road” “Extended Golf Course Road” a unique mix of features that include Security, Education, Healthcare, Shopping & Leisure.

Timely delivery of the committed project by developers would add significant prestige to the area.

Vikas Rikhye, Ph. No. 9811081078

A project for those who live in luxury & continue to live in exclusive luxury….

The Hibiscus a Prestigious residential project of Gurgaon , meticulously designed for the elite of society, is ideally located on “Hibiscus Avenue” in Mayfield Gardens, Gurgaon.

It is a blend of Luxury Apartments, Pool Houses & Exclusive villas where the Lifestyle is beyond the words of luxurious living.

The author had an exclusive interview with Vice President., Mr.Neeraj Bhalla ,who was confident of delivering this “Life Style Living” in next twelve months. Mr. Bhalla added that “We don’t only sell the property, we also offer likeminded neighborhood”.It is understood that most of the Sales have been conducted by invitation. The coterie of clients include corporate heads of Multinational companies & celebrities who have been inviting their friends & relations to be a part of “Hibiscus environs”

While Hibiscus was on success ladder, the dedicated marketing support of Real estate Aces like Mr.Ajit Sareen & Mr.Sndeep Chadda added “feather in the cap” of its success.

An area of 14 Acres of land which could take over 500 apartments was redesigned for exclusive life style of about 260 selects.

It was astonishing to know from Mr.Bhalla ,that the quality control & day to day progress of the project, is personally supervised at the site by The CMD & Executive Director, religiously every morning at sharp 9.30 AM.

Although more than 80% units are already opted ,however, a few apartments, A number of Penthouses , Villas are available for “Life style Admirers” to be the Jewels in “Hibiscus Crown”

Concluding , the author is reminded of a saying by a celebrity “Successful people do not do different things but they do it differently”

Vikas Rikhye, Ph No 9811081078

The Hibiscus a prestigious residential project in Gurgaon in the vicinity of Nirvana Country adjacent to forthcoming Hotel Hilton & in a very close proximity to Medicity, Artemis hospital, Amity International School and many other prominent buildings in the neighborhood.

The Hibiscus location advantage adds to its connectivity features as it is accessible to NH-8,MG Road,`Sohna Road within a radius of 3 km.

Promoted by SS Group “The Hibiscus” is designed meticulously to give the eco-friendly lifestyle. It offers a choice of 3-4 Bedroom Apartments, Penthouses & Independent Villas. With the contemporary & modern suitable effects “The Hibiscus” has become most sought after destination of residence for the corporate world.

Mr. Vikas Rikhye, Ph No: 9811081078

While India is undergoing a massive progress in infrastructure development, resulting into overall progress in surface network of Roads & Expressways ,through out the country. KMP Expressway (”Kundli-Manesar-Palwal Expressway”) is one of the prestigious project in Haryana, connecting Kundli, Manesar & Palwal,the, 135.6 km long . KMP Expressway is likely become operational by 2012.

It is understood that s 135.6 km long stretch is divided into three parts of 45 km each. having three major camps at Kundli, Manesar and Palwal & will be supported by three ancillary camps planned at Jassoure Kheri, Badli and Taoru.and expressway will cross national highways, NH-1 near Kundli, NH-10 at Bahadurgarh, NH-8 near Manear and NH-2 at Palwal having a planning of four flyover at places where the expressway will cross national highways.

It would have About 16 overpasses and underpasses at crossings on state highways and major district roads. It is also planned to have more than 32 agricultural vehicular underpasses, over 30 of cattle crossings including 60-61 pedestrian crossings passages.

A very careful planning has been done by the way of under & over passes to maintain the connectivity of villages on both sides of the Expressway. The location of on route railway over bridges, drainage works etc. have been meticulously planned.

According to sources, it is understood that over 2 Kilometer belt on either side would be treated as controlled area, while at the same time the local land owners having 50 Acres of land in the amenity zone of KMP may be permitted {within the frame work rules} to take up the projects like Amusement Parks, Golf courses & logistic parks.

It is also understood` from reliable sources that in coming year, there is a planning to develop commercial Theme townships along this 135 km stretch. These theme townships like Fashion City, Cyber city, Medicity etc .would be supported by well planned residential areas matching International standards. Besides the visible planning , there seem to be lot more of progressive plans in process of planning.

The progressive project of “Kundli-Manesar-Palwal Expressway” would not only, improve the traffic conditions in Delhi and Gurgaon as it will decongest the vehicular traffic of Trucks, Buses & other long distance vehicles but it would reduce the distance of various destinations in Northern India, it being a “important connectivity link between” them.

It is obvious fact that with this progressive growth would boost the confidence of investors, as the “Investor lobby” has already activated its sourcing activities for spotting strategic sites for Hotels ,Motels ,Warehouses,Golf Coerces & other recreational and commercial projects, in the vicinity of KMP Expressway(Kundli-Manesar-Palwal Expressway).

Seeing the future requirements in warehousing sector, ambitious & foresighted entrepreneurs /organizations have started building approved warehouse buildings, in close proximity to expressway network.

The potential tenants for such warehouses are being noticed looking for appropriate storage space, with specific requirements matching the product handled, as there are numerous products demanding different storage conditions.

However, it shall be a matter of concern that prospective tenants should be extra careful in selecting a warehouse as;

• Title of the owner
• Land use {warehouse}
• All Approval/ Permissions
• Abiding by all set norms by the Government

It is strongly suggested that prospective tenants , should take legal opinion, before renting the warehouse premises.

It is further understood that Building plan approval committee grants the permission as defined per rules after the permission for change of land use granted by Director,Town and country planning Haryana

The structural design of the building has to be carried out in accordance with the provisions of NBC and relevant IS Codes, under the supervision of Certified & recognized Structural engineer { All the laid out and prescribed conditions have to be strictly followed, as contained in the Approval document}

The approval letter/ document contains in-depth details and guidelines pertaining to :

• Structure
• Electrical
• Fire Safety
• Water Supply
• Sewerage
• Internal Roads
• Rain Water Harvesting

While construction at site, not only { All the laid out and prescribed conditions have to be strictly followed, as contained in the Approval document} but all the rules, regulation, restriction as laid by local administrative authorities has also to be followed.

It is also understood that after completion of the building the prescribed documents would be submitted to all the competent authorities who would initiate the procedure as per set rules towards, Completion / Occupation certificate

We must understand that Government Authorities have laid out Policies for public interest & planned growth and the same should be followed by every citizen with a mark of respect.

The concept has to make a special focus on inventory management and warehouse management. Besides company’s own planned efforts many of the logistic companies are extending support for required redistribution systems.

To manage & maintain effective inventory & redistribution ,there is an increasing demand of Well planed warehouses all over.

With aforesaid reasons New township of Gurgaon has shown a remarkable growth, besides its own importance ,Gurgaon is recognized for its strategic location on NH-8.

The meticulous planning of KMP Expressway has added strength to its location.

In the recent past a planned growth has been observed for warehouses in Gurgaon as
the author had done an extensive survey & would like to share with the viewers and visitors as following:
Warehouse Space in Gurgaon on prime locations. have some of the following salient features:

• Duly Licensed approved and sanctioned by Government
• Constructed with modern amenities matching International Standards
• Abiding Warehouse management concepts & Norms
• Area: ranging from 60000-250000 sq.ft
• Locations : NH-8 , Pataudi Road, Farukhnagar , Gari Harsuru, KMP expressway.

After being reasonably priced in rentals the sites meet the requirements of Logistic companies as well as large chain stores on close proximity to -KMP expressway.

Vikas Rikhye, Gurgaon Property Consultant

Investors move to Manesar the “New Gurgaon”

Once Gurgaon was considered to be a small & sleepy small township, on the outskirts of the National capital city of New Delhi.

However in last two decades, it became a favorite destination for MNCs, IT/ITES, because of the city’s close proximity to Domestic/International Airport & quality of real estate development by companies like DLF/Unitech coupled with encouraging government policies thus, it has witnessed a major real estate boom for the last few decades.

In the beginning the real state growth ,though rapid yet consistent, were the Developers delivered the quality project {Both Residential & Commercial}in a time bound schedule.

Everything went well, till the time the real estate Gurgaon ,caught sight of the greed of Investors/ Overnight born builders, who are looking forward to dig high profits, and considering the high purchasing power of existing population of city, the Builders / Brokers have given a puffy boost to the real estate prices in Gurgaon ,leaving no place for actual user or a common man. Some of the Builders in Gurgaon have driven the real estate prices to suicidal heights damaging the “real estate segment” itself, as this unreasonable & exorbitant price rise will kill the demand.

It is felt that considering the present real estate scenario, the actual user/ investor are moving towards IMT Manesar , which is just 15-16 away from Rajiv Chowk /Mini Secretariat of Gurgaon.

Despite the fact, that IMT Manesar enjoys the advantage of being on NH-8 ,it is also observed that several housing project are already coming up were builders like DLF have already initiated the construction of affordable housing.

Moreover the progress of Manesar is supported by several housing project of HUDA Sectors in the neighborhood, covered under Master Plan2021.As a result Manesar & its neighborhood is now being termed as “New Gurgaon”
The fast growing visible in and around progress & DMRC proposed Metro project further strengthens the investor’s confidence.